Investment Outlook Q4 2015

The fourth quarter of 2015 epitomized the performance pattern of the year, with Canada and other energy and material exporters underperforming the commodity importers. After almost eight years of zero percent short-term interest rates, the U.S. Federal Reserve raised the overnight rate by 0.25% in December. The common thread from an investor point of view continues to be the search for yield as central banks drive down the returns of risk-free assets.